Another Magic Circle firm has increased its maintenance grant to £10,000.
Slaughter and May has become the second of the elite five to make such a move, just a little over a month after Freshfields Bruckhaus Deringer increased its grant to future trainees.
The increase is £2,000 more than the previous grant given by Slaughter and May to future trainees located in London. Law students the firm picks outside the capital will also be given the same amount, up £3,000 from the previous grant.
In its most recent intake, Slaughter and May had a 92.5% retention rate, keeping 37 of its 40 trainees. The figure is up from 86% last year.
The boost to Slaughter and May’s maintenance grant comes after all the Magic Circle firms increased their pay packages for newly qualified lawyers to £100,000. Freshfields was first to increase its pay to six figures, while Clifford Chance was first to match.
Shortly after, Slaughter and May made the move, followed by Allen & Overy. Linklaters brought up the rear.